Westpac BusinessPlus Mastercard with hotpoints Review
Keep your business expenses separate, earn rewards and get protection on new business purchases.
|Product Name||Westpac BusinessPlus Mastercard|
|Balance Transfer Limit||95%|
|Purchase Rate||20.95% p.a.|
|Interest Free Period||Up to 55 days on purchases|
|Min credit limit||$500|
|Minimum Monthly Payment||2% of transaction value or $5, whichever is greater|
|Late Payment Fee||$8|
|Available To Temporary Residents||No|
|Complimentary Travel Insurance Cover||35 days|
Benefits of the Westpac BusinessPlus Mastercard with hotpoints
- Earn hotpoints. For every $1 you spend on your BusinessPlus Mastercard you earn 1.25 hotpoints. Once you have accumulated hotpoints you can redeem them for yourself or your business for goods including travel rewards, vouchers, gifts and merchandise. You can also gift your hotpoints to charity or contribute them to your KiwiSaver account.
- Overseas travel insurance. When you use your card to book prepaid travel expenses such as flights and accommodation you could qualify for travel insurance for trips of up to 35 days.
- Purchase protection. Purchase Protection Insurance gives you up to 90 days of cover for business credit card purchases that are lost, stolen or damaged. You can also extend the manufacturer’s warranty on goods for up to 12 months.
- Account fee waiver. If you have a personal Westpac hotpoints Platinum Mastercard, you are not charged an account fee for your BusinessPLUS card.
- Additional or joint card. Maintain your visibility of spend by adding a card for your business partner or up to 5 employees.
- Interest-free days. Get up to 55 days interest-free on business purchases when you pay off your statement balance each month.
- Share your transaction data. If you use an accountant, you can share your transaction data securely with BankLink.
Features of the Westpac BusinessPlus Mastercard with hotpoints
- Interest rate. An interest rate of 20.95% p.a. applies to purchases and an interest rate of 22.95% p.a. applies to cash advances.
- Annual account fee. The Westpac BusinessPlus Mastercard with hotpoints has an annual account fee of $100. Additional and joint credit cards have an annual account fee of $25.
- Balance transfer. If you have an outstanding balance on another provider’s credit card, you can apply to transfer this balance to your BusinessPLUS Mastercard with hotpoints. If successful, you only pay 5.95% p.a. on the balance until you pay it off.
- Link your accounts. If you have other Westpac accounts, you can link them to your BusinesPLUS card for ATM and checkout access.
How to apply
If you are ready to apply for the Westpac BusinessPlus Mastercard with hotpoints, first make sure that you meet the eligibility criteria and have the required documents. You should also review the interest rate, fees and features of the card, as you are personally responsible for credit made available to you by Westpac, even if the card has a business name on it. Also, take a look at other credit cards, so you can compare your options.
To start your application, you can visit a Westpac branch, contact Westpac by phone or complete a form online.
- Be at least 18 years of age
- Be a New Zealand citizen or permanent resident
- Have an income of at least $15,000 per year
If you receive approval for the application, you need to verify your identity and income at a Westpac branch. It would help if you had the following documents ready:
- Photo ID: A New Zealand driver’s licence or passport
- Proof of address: A recent utility bill, government letter or bank statement
- Proof of income: Westpac recommends that you have three months worth of bank statements
The bottom line
Having your business expenses separate from your personal expenditure makes life a lot easier for whoever manages your accounts. Using the Westpac BusinessPlus Mastercard with hotpoints means you can have better visibility on business spend but still enjoy credit card benefits. You can earn hotpoints on all eligible spending and can be redeemed for a range of rewards for you or your business. In addition, the Westpac BusinessPlus Mastercard with hotpoints comes with Purchase Protection Insurance and Extended Warranty Insurance, plus you qualify for overseas travel insurance when you meet certain terms and conditions.